excellent potential

Below is a summary of BML post rights issue.

Shares on issue : 143,717,061

Options on issue : 71,858,508

Cash at bank : 5.8 million

Current share price : 10.5 cents

Market cap : 15 million

Fully diluted market cap : 22.6 million (If all options were to be exercised it is important to note that this would bring the company an additional 7.2 million to be added their cash position.)

Now to the important stuff. BML is only in the very early stages of multiple discoveries so it's an exciting time for the company. The strong confidence from management is why I took up another position in the company. Management underwrote the rights issue so that's enough evidence of extreme confidence in the project.

"The rights issue is fully underwritten by entities associated with the Directors and predominately by an entity associated with me"

I have held prior and since exiting have had them on my radar. I decided today to pick up a sizeable parcel of options as the exercise price being 10 cents appears relatively cheap. Cash at bank currently stands at 5.8 million and the market cap at 10.5 cents is 15 million. To me it's a decent entry price based off prior results. Below are a number of results as to why I have taken a position.

Discovery hole ACRC003 at Airstrip Copper Prospect

[email protected]% Cu, 462 g/t Ag from 52m
Incl [email protected]% Cu, 717g/t Ag from 52m
Incl [email protected]% Cu, 1379g/t Ag from 53m

Now they did follow-up drilling and intersections of up to 60.53% copper were hit. It was only a very narrow width of .25 meters but it shows the prospectivity of the area.

The recent Dibete discovery also provides promising initial results.

SECTION 6100 E SIGNIFICANT RESULTS:

DBRD006* 18 metres @1.78% Cu and 28.9 g/t Ag
Including 5 m@ 4.19% Cu and 92.5 g/t Ag
Including [email protected]% and 54.7 g/t Ag

DBRC013* 18 metres @1.99% Cu and 98.4 g/t Ag.
Including 10 [email protected]% Cu and 163.0 g/t Ag.

DBRC014# 38 [email protected]% Cu and 119.5 g/t Ag.
Including 10 [email protected]% Cu and 126.5 g/t Ag.
Including 8 metres at 3.86% Cu and 364.1 g/t Ag.
Including 3 metres at 9.16 % Cu and 894 g/t Ag.

It is important to note that BML are currently in the process of an extension to the Dibete License Application area. I dont see any issues as the recent airstip discovery and license was also renewed but it is something to consider before purchasing.

I think with many other conductors to be drilled on their licenses they could potentially find a high grade discovery in the area with some good widths. They have barely scratched the surface right now. See below.

"Airstrip Copper IP grid area is approximately 1.5 km by 1 km and approximately 2000 metres strike length of identified conductors have now been identified from the IP data. Some conductors have had no drilling to date while others remain under drilled."

and they are still currently drilling. Quoted from the recent quarterly.

"The new discoveries are now starting to show that the areas of interest are significantly mineralised and further drilling will be required to show their economic viability and to bring the mineralisation into compliance with JORC standards.

Further drilling sample results are expected periodically over the next two months as drilling is still in progress.

Future program proposed for Airstrip Copper is to fly a VTEM survey over this prospect as part of a wider coverage of the tenements to extend the interpretation of conductors over a wider area. This will lead to a better understanding of the correlations of conductors along strike and generate a new series of drilling targets."

IMO this is a very good copper spec play that could come up with the goods.